Reserve Bank has cancelled the certificate of registration of the Sahara India Financial Corporation as Non-bank financial company, NBFC.
In a statement on Monday, RBI said that the registration of the Lucknow-headquartered NBFC stands cancelled with effect from 3rd of September.
It said, following the cancellation of registration certificate, the company cannot transact business as a NBFC. The company was registered in December 1998.
Earlier, markets regulator SEBI had cancelled mutual fund and portfolio management licenses of other firms of the group, which is engaged in a long-running battle with the regulator in a case related to refunds totalling thousands of crores of rupees.
Its chief Subrata Roy is in jail since 4th March 2014.